My top 10 things to watch Friday, Oct. 30 1. Nasdaq in crash mode? Futures say yes: down more than 2.5%. Intel dashes hopes of a quick turn. Alphabet's Gemini falls behind. Election Day data center fears. Plus, we are still far from a base. Crescendo of selling? Or getting ahead of Black Monday? Flight to safety stocks. 2. Intel is cratering more than 25% premarket. The chipmaker should have preannounced this terrible guidance, like what IBM did this summer . The story last night wasn't about data center demand. Instead, Club name Intel positioned its PC business as a casualty of high memory prices, the same week as SK Hynix said high-bandwidth memory shortage will last until 2030 , effectively taking it out of the running for multiple years. Bank of America downgraded to hold from buy. 3. The nearly 7% drop in Amazon this morning is excessive. This is one where you needed to listen to the call. Totally changes your perception of the top- and bottom-line misses . If not for Prime Day moving into the second…
Jim Cramer's top 10 things to watch in the stock market Friday
In short
Intel's dramatic slide followed a downgrade from Bank of America after the chipmaker blamed elevated memory prices for PC segment challenges. Meanwhile, Amazon missed revenue and earnings targets, but leadership signaled ambitious multi-year cloud expansion for AWS fueled by proprietary silicon. In contrast to the heavy tech sell-off, firms such as AstraZeneca and Starbucks are gaining ground on the back of resilient operational performances.
Key points
- Severe premarket losses across leading tech names have triggered a drop of over 2.5% in N…: Severe premarket losses across leading tech names have triggered a drop of over 2.5% in Nasdaq futures.
- Bank of America trimmed Apple from its top ideas list over gross margin concerns ahead of…: Bank of America trimmed Apple from its top ideas list over gross margin concerns ahead of upcoming earnings.
- Strong earnings from healthcare and consumer companies are offering investors viable defe…: Strong earnings from healthcare and consumer companies are offering investors viable defensive alternatives during the tech decline.